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Stories that are tagged 'generally accepted accounting principles (GAAP)'

FAF Updates US Accounting Standards Compendium
2/23/2012
The Financial Accounting Foundation has announced the publication of the updated print edition of the Financial Accounting Standard Board's Accounting Standards Codification, the single reference source for US Generally-Accepted Accounting Principles.
US Industry Warns Against Lease Accounting Proposals
2/23/2012
A coalition of several leading non-profit and commercial organizations, including the US Chamber of Commerce, has released a report warning against the introduction of the International Accounting Standard and the Financial Accounting Standard Boards' proposed lease accounting standard, noting the significant detrimental impact it would have on the United States' economy.
US Accounting Standards Subject To Review
2/22/2012
United States accounting standards governing financial reporting for business combinations, 'operating segments', and deposit and investment disclosures will be the next subjects of post-implementation reviews conducted by the Financial Accounting Foundation, the agency has announced.
GAAP Accounting Change Positive For Banking Investors
1/5/2012
Fitch credit ratings agency has said a new accounting rule change, requiring banks to book losses on loans sooner, will have a gradual positive affect on US bank income statements with the effect of insulating investors from risk.
FASB, IASB Set Disclosure Requirements On Offsetting
12/23/2011
The International Accounting Standards Board and the Financial Accounting Standards Board on December 16, 2011, issued common disclosure requirements that are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position.
Boards Consult On Revenue Recognition Standard
11/18/2011
The International Accounting Standards Board and the Financial Accounting Standards Board have released for public comment a revised draft standard to improve and converge the financial reporting requirements of International Financial Reporting Standards and US accounting standards for revenue (and some related costs) from contracts with customers.
FAF Sets Out Convergence Agenda
11/17/2011
The Financial Accounting Foundation, which oversees the United States accounting standards setter the Financial Accounting Standards Board, has generally backed the Securities and Exchange Commission's proposed approach to converging United States Generally-Accepted Accounting Principles standards with International Financial Reporting Standards.
FASB Consults On Investment Property Reporting Rules
10/26/2011
The US accounting standards setter, the Financial Accounting Standards Board has issued a proposed Accounting Standard Update intended to develop accounting guidance for investment property entities.
US Accountants Back IFRS Opt-In
10/24/2011
A majority of certified public accountants support optional adoption of the International Financial Reporting Standards by listed United States companies, according to a recent survey by the American Institute of Certified Public Accountants.
AICPA Pushes For Private Company Standard Setter
10/21/2011
The American Institute of Certified Public Accountants on October 18, 2011 approved an ultimatum to the Financial Accounting Foundation, which warns that either the Foundation must adopt recommendations for the establishment of an independent accounting standards setter for private companies - without the power of veto being granted to the Financial Accounting Standards Board - or AICPA will consider other options to achieve the objective independently.
FAF Rejects 'Little GAAP' For US Private Companies
10/7/2011
A new body, with the authority to identify standards that require modification and to vote on specific proposed exceptions or modifications to United States Generally Accepted Accounting Principles for private companies, is the centrepiece of a plan released for public comment by the Financial Accounting Foundation.
Privately-Held Companies Urge Separate US Accounting Standards
9/15/2011
The American Institute of Certified Public Accountants has requested the United States Financial Accounting Foundation to take heed of the many letters it has received demanding differential financial reporting standards for private companies and a separate independent board to oversee those standards.
US Accountants Urge Optional IFRS Adoption
8/22/2011
Paul Stahlin and Barry Melancon, the Chairman and CEO, respectively, of the American Institute of Certified Public Accountants have, in a letter, recommended to the Securities and Exchange Commission that United States public companies should be allowed the option of adopting International Financial Reporting Standards.
FASB Revises Goodwill Test
8/15/2011
The US accounting standards setter, the Financial Accounting Standards Board, has recently approved a revised accounting standard intended to simplify how an entity tests goodwill for impairment.
IASB Consults On Direction Of IFRS
7/28/2011
The International Accounting Standards Board has announced the launch of a public consultation to seek broad input on the strategic direction and overall balance of its future work programme.
Tax Charge Forces Sony Into Net Loss
5/26/2011
Sony, the Japanese electronics group, has had to revise its consolidated results forecast for the fiscal year ended March 31, 2011, from that announced in February, largely due to a write-off of deferred tax credits in Japan.
New Zealand International Tax Bill Reported Back
5/17/2011
The New Zealand government’s Finance and Expenditure Committee has reported to Parliament on the Taxation (International Investment and Remedial Matters) Bill introduced in October last year.
Standard Setters Complete Fair Value Project
5/16/2011
The International Accounting Standards Board and the Financial Accounting Standards Board on May 12 issued new guidance on fair value measurement and disclosure requirements for International Financial Reporting Standards and US Generally Accepted Accounting Principles.
UK Accountants Support Standards Convergence
4/18/2011
A new survey shows an overwhelming majority of UK accountants favour the convergence of the Generally Accepted Accounting Practice with International Financial Reporting Standards.
IASB Chair Urges US Adoption Of IFRS
3/16/2011
The outgoing Chairman of the International Accounting Standards Board has urged the United States to adopt International Financial Reporting Standards this year, rebuffing concerns that the international accounting rules will be subject to undue influence by foreign governments.
FASB Seeks To Improve Accounting For Repurchase Agreements
11/5/2010
The US Financial Accounting Standards Board has issued an Exposure Draft on its proposal to improve accounting for repurchase agreements.
SEC Progresses Work Plan For Global Accounting Standards
11/2/2010
The United States’ Securities and Exchange Commission has published its first progress report on the work plan aimed at providing the information needed to evaluate the implications of incorporating International Financial Reporting Standards into the financial reporting system for US securities’ issuers.
FASB Updates Guidance On Insurance Contract Acquisition Costs
10/18/2010
The Financial Accounting Standards Board has issued an update to Financial Services—Insurance, Topic 944, which provides guidance on accounting for costs associated with acquiring or renewing insurance contracts.
IASB Enhances Financial Instrument Disclosure
10/11/2010
The International Accounting Standards Board, the independent standard-setting body of the IFRS Foundation, has issued amendments to IFRS 7 Financial Instruments: Disclosures as part of its comprehensive review of off balance sheet activities.
IRS Planning For Potential Impact Of IFRS
10/8/2010
The United States Internal Revenue Service is preparing for the potential transition of US-based publicly-held companies to International Financial Reporting Standards, according to an audit report released by the Treasury Inspector General for Tax Administration.
FASB Consults On Defined Contribution Pension Plan Update
8/27/2010
The US Financial Accounting Standards Board has issued for public comment an exposure draft of a proposed Accounting Standards Update on defined contribution pension plans.
UK Lease Association Concerned At IASB Proposals
8/23/2010
Proposals published by the International Accounting Standards Board, could mean that asset finance, the largest source of debt finance for UK businesses, will be more difficult to obtain, according to the UK Finance and Leasing Association.
Standard Setters Propose Lease Reporting Improvements
8/19/2010
The International Accounting Standards Board and the US Financial Accounting Standards Board have published for public comment joint proposals to improve the financial reporting of lease contracts.
FASB Consults On Loss Contingencies
7/21/2010
In response to a perceived demand from investors for more information, the US Financial Accounting Standards Board has issued for consultation proposed amendments to the Contingencies Topic 450, which would retain the current qualitative disclosures and clarify certain loss contingencies by requiring additional disclosures.
IASB, FASB To Resolve Fair Value Differences
7/2/2010
US and International accounting standard setters are working to ensure that their respective fair value measurement standards will be nearly identical, but with 'style' differences.
IASB And FASB Propose New Standard
6/28/2010
The International Accounting Standards Board and the US Financial Accounting Standards Board have published for public comment a draft standard to improve and align the financial reporting of revenue from contracts with customers and related costs.
Accounting Standard Setters Shift Goalposts
6/4/2010
The international and US accounting standards boards have announced that they will be be unable to meet the June 2011 target date for the convergence of International Financial Reporting Standards with US Generally Accepted Accounting Principles.
Finance Executives Baulk At Convergence Complexities
5/24/2010
The Chairman of the Committee on Corporate Reporting of Financial Executives International, Arnold C. Hanish, has written to express concern at the unprecedented volume and complexity of proposed standards expected to be issued in the coming months.
Standard Setters Discuss Disclosure
5/10/2010
The International Accounting Standards Board and the Financial Accounting Standards Board have discussed the overall disclosure principles, disclosures for consolidated subsidiaries, disclosures for unconsolidated structured entities and the disclosures related to investment companies at a joint board meeting.
Standard Setters Discuss Convergence In Japan
5/6/2010
The International Accounting Standards Board and the Accounting Standards Board of Japan have held their eleventh meeting to review preparations for the convergence with and intended adoption of International Financial Reporting Standards in Japan.
Accounting Boards Seek Convergence
4/16/2010
On two major projects, financial instruments and insurance contracts, the US and International accounting standards bodies have reached different conclusions on some important technical issues. Addressing those differences in a way that promotes convergence could affect the project timetables.
FASB Issues Standards Update
3/16/2010
In an attempt to address queries about the intended breadth of the embedded credit derivative scope exception, the US Financial Accounting Standards Board has issued an Accounting Standards Update on Derivatives and Hedging.
Channel Islands In Good Stead To Attract European Funds
2/25/2010
The Channel Islands swift adoption of International Financial Reporting Standards makes it better placed to meet the changing needs of the European investment fund industry, according to a survey by Ernst and Young.

 

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